A mortgage broker is a loan officer who works for you. When you make that big step towards buying a home, the broker will gather all your personal information including income, current debts and the amount of the home. The loan officer will work up a portfolio that has everything needed to qualify or disqualify you from obtaining a home mortgage.

A mortgage broker works with many different companies so they can find you a lender that will accept your loan application. This is different from going to a bank that will hold your mortgage. A bank will give you a mortgage with the bank itself where a broker will help you obtain a loan from such places as CITI Residential or another familiar mortgage company. A broker will have many different companies to choose from if one rejects your application.

The mortgage broker works with you all the way through the loan process. They will process all your information and submit it to the potential lender. They will also be present for the closing on the home. The only thing they do not do is take the payments. You will receive paperwork directing you to send your payments to the mortgage company that holds the title to the home.

The mortgage broker will help you find an appraiser. They can recommend an insurance company and any other parties needed to complete the sale. You will work with the broker the entire time. You might not even meet a representative of the mortgage holder. The down side of using a mortgage broker is that you do not have a face to face with the company holding the mortgage. The upside is that the broker does have more resources than going to a bank, which helps more people receive mortgage loans for a home.

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